It's not even close to altcoin season. Only 39% of top-50 tokens have beaten Bitcoin over the past 90 days, as of May 31.
But "not altcoin season" doesn't mean that no altcoins are worth considering. It just means the rising-tide-lifts-all-boats phase isn't here yet. Picking specific winners matters more than timing the altcoin season just right.
Two Layer-1 blockchains sit near the top of many watchlists: Solana (SOL 4.78%) and Cardano (ADA 5.10%). One moves fast and breaks things (sometimes literally). The other moves slowly and publishes peer-reviewed papers about it. They are in the same category of useful altcoins, but with very different vibes.
Image source: Getty Images.
Speed vs. rigor
Solana was built to be fast. Its blockchain ledger can process thousands of transactions per second and finalize them on sub-second deadlines. Its transaction fees are measured in fractions of a cent.
There's an unfortunate trade-off for this quick and cheap processing, though. The network has gone down more than once, with outages as long as 19 hours. The ledger congestion in 2022 and the data-cleaning error in 2023 made headlines. Things have stabilized since, and Solana hasn't reported a network incident since January 2024, but "we're more reliable now" is a less inspiring pitch than "we've always been reliable."
Cardano took the opposite path. Every upgrade goes through academic peer review. The Haskell-based codebase is designed for formal verification. The result is a network that rarely breaks but also rarely ships. Cardano's smart contract platform launched years after Solana's, and its decentralized finance (DeFi) ecosystem is still playing catch-up.
Both approaches have their defenders. Solana's camp says speed wins users; Cardano's team says correctness wins long-term trust. The market, so far, has leaned toward speed. Solana's $47.8 billion market cap leaves Cardano's $8.5 billion footprint far behind.
CRYPTO: ADA
Key Data Points
Who's actually using these things?
Solana has real activity. Solana-based decentralized trading exchanges (DEXes) boast more than 400 times Cardano's DEX volume. Solana is a leading platform for non-fungible tokens (NFTs), while Cardano barely touches that market. Solana Pay offers integrations with actual merchants. DeFiLlama puts it among the top 3 chains by total value locked in DeFi protocols. Cardano barely breaks into the top 30. Daily active wallets are in the hundreds of thousands.
Cardano has activity, too, but less of it. Cardano's community is loyal and engaged, but loyalty doesn't show up in on-chain metrics the same way Solana's actual usage does.
If the question is "which network is being used right now," Solana wins by a comfortable margin.
CRYPTO: SOL
Key Data Points
Picking a side
Solana is the stronger pick right now.
It's not a sure thing, because nothing in crypto ever is, but the usage lead is hard to ignore. Cardano's research-first philosophy is intellectually appealing, but two years from now, investors won't be graded on intellectual appeal. They'll be graded on whether people actually used the network in real-world apps.
Neither coin is a calm ride. If Bitcoin drops 30%, you should expect these to drop 50%-70%. That's altcoin math for you. Investor trust in the only non-altcoin guides market attitudes to the actual altcoins, too.
But Solana has more developers, more apps, more transactions, and more integrations. The FTX cloud has lifted. The outages have become less frequent, and the days of fragile network operations appear to be over. All told, the risk/reward setup looks better for Solana's investors.
Most of what shows up in trending feeds is noise. The investable info is in the docs, the on-chain data, and the GitHub commits. These signs support Solana over Cardano so far.
